Memecoin Craze Spurs Ethereum Gas Fee and Layer 2 Adoption

[Coinpedia Fintech News]

As meme coins continue to gain widespread popularity, the Ethereum network is grappling with an unexpected surge in demand, leading to concerns over rising gas fees. These fees are required to process transactions on decentralized exchanges that most meme coins are traded on, which are based on the Ethereum network.

In response to the increasing gas fees, many users are exploring alternative solutions such as layer 2 options, including Optimism, Arbitrum, Polygon, and ZkSync. These solutions are designed to be more efficient, faster, and cheaper than the main Ethereum network, making them an attractive option for those looking for cost-effective ways to transact.